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Deals

Investcorp sells Banque Paris Bertrand stake to Rothschild

DUBAI (Reuters) - Bahrain-based Investcorp said on Sunday it has agreed to sell its indirect stake in Banque Paris Bertrand to Rothschild & Co, which last week announced that it is buying the Swiss private bank.

The transaction is expected to complete in the first half of 2021, subject to regulatory and other approvals, the company said in a statement without disclosing financial terms of the deal.

Investcorp bought a significant minority stake in the bank in 2018.

Banque Paris Bertrand, which last month had about 6.5 billion Swiss francs ($7.36 billion) in client assets, is headquartered in Switzerland with offices in Geneva and Luxembourg.

($1 = 0.8832 Swiss francs)

Reporting by Saeed Azhar; Editing by David Goodman

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